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FinancialReports That Dont Age Like Milk: The Power of Real-Time Data Imagine running a business where financial decisions feel like guessworkwaiting weeks for reports, struggling with outdated data, and constantly fearing human error. Now, real-time dashboards allow them to monitor financial health instantly.
But it also comes with a unique set of challenges, particularly for CFOs tasked with ensuring compliance with international reporting standards. For example, while South African companies follow International FinancialReporting Standards (IFRS), the US requires compliance with its Generally Accepted Accounting Principles (GAAP).
As a CFO your influence extends beyond financialreports and budgets. How to Handle It: Immediately report the matter to the compliance or legal team. How to Handle It: Advocate for ethical sourcing by highlighting long-term benefits, such as enhanced brand reputation and compliance with international standards.
Discover more CFO Tax Recovery Strategies to secure your financial future. Creating a Tax Compliance Recovery Plan A comprehensive tax compliance recovery plan is indispensable. This plan should encompass regular training for your financial team on the latest tax regulations and compliance requirements.
I believe in breaking challenges down into manageable tasks, which makes them less overwhelming and easier to address systematically. I also rely on open communication and collaboration, particularly when the challenge involves a team. This helps in developing a well-informed strategy to tackle the problem.
Take a critical look at areas prone to audit issues—such as revenue recognition, procurement, impairment, and financialreporting—ensuring that controls in these high-risk areas meet compliance standards.
Champion communications, culture and change management initiatives. Functional Integration Leads Each business function must own its integration activities while aligning with corporate strategy: Finance and Accounting: Unifies financialreporting, tax structures, and compliance.
Despite these favorable conditions, successful IPOs require meticulous preparation, robust financialreporting, and a governance framework that instills investor confidence. Companies must ensure they are operationally, financially, and strategically ready for the transition to public markets.
Listed companies (on the stock exchange) They must meet strict financial disclosure rules, often set by stock market regulators like the JSE (Johannesburg Stock Exchange). Knowing the specific rules for your industry helps you prepare in advance and avoid compliance issues.
Repetitive tasks, such as financialreporting, are increasingly being automated, freeing up finance professionals to focus on strategic initiatives. A recent report by McKinsey estimates that automation could potentially displace up to 30% of work activities in finance and accounting.
Fundraising and accounting departments provide vital services to the organization, but when they fail to communicate, it can lead to financial errors. Bridging this communication gap can help your organization ensure every dollar raised is used effectively.
Talking Money Without Causing Panic Numbers tell the truth, but how you communicate with them determines how they are received. As a CFO, your role goes far beyond reporting figuresyou shape strategic decisions, guide leadership, and influence confidence in the business. Yet, transparency must be handled with care.
When you’re young, focus on deeply understanding the core accounting principles, financialreporting, and regulatory compliance. Understand that as a CFO, your role is not just about numbers but about influencing and guiding the organisation’s financial health and strategy.
Both experts agreed that open communication and realistic goal-setting are crucial for creating a workable budget. Anderson highlighted the need for fundraisers to communicate clearly about the timing of pledge payments and cash flow implications. Learn more about compliance requirements for nonprofits here. Get the free guide!
A controller primarily oversees accounting processes, ensuring accurate financial records and compliance with regulations. In contrast, a CFO is a more strategic financial professional, focusing on long-term planning, investor relations, and overarching financial strategy. CFOs must also be excellent communicators.
Financial managers are responsible for developing long-term financial plans, directing investment activities, and generating financialreports for their company. Employment numbers for Financial Managers are expected to rise by 17% over the next decade, faster than the average for all occupations.
A well-crafted budget is a reflection of your mission and a roadmap to financial sustainability. It helps you communicate how you’re going to make the difference you want to see in the world. It can be a tool to galvanize your team, community, and supporters. Do You Struggle to Make Sense of Your Financial Statements?
A financialreporting dashboard is a visual representation of financial data and key performance indicators (KPIs) presented in a consolidated and easily digestible format. Decision Making : Financialreporting dashboards enable data-driven decision making by providing stakeholders with timely and accurate information.
The rigour of the IPO process requires the company to re-evaluate and refine its strategy and processes and helps it attain the high standard of financialreporting and corporate governance required of a listed company,” says Joshua Ong , managing partner & practice leader for capital markets & IPO at Baker Tilly Singapore.
More interestingly, 62% of executives claim their companies apply the same diligence to ESG reporting as they do to financialreporting. Nikhil Parambath He notes however that while accurate ESG reporting is essential for informed decisions that drive shareholder value, Asia's ESG compliance landscape is still nascent.
Navigating South Africa’s Reporting Maze: What Every CFO Needs to Know Navigating the complex landscape of regulatory reporting in South Africa can be daunting, especially for CFOs who bear the responsibility of ensuring compliance while also driving strategic financial decisions.
Different work styles, communication preferences, and problem-solving approaches may create friction. As CFO, you need to articulate a clear financial vision that transcends individual tasks and roles. Setting clear KPIs and ensuring that these are communicated across the team is essential.
Management reporting involves a set of reports submitted to management that aims at supporting decision-making process and monitoring progress. Performance management is a range of practices which a company uses to measure its performance and communicate results. Turning to soft skills, it’s not so easy here.
They are actually useful tools to ensure that an organization is in compliance and can also be used to identify potential problems before they become too big. The IRS does not require nonprofit audits in most cases, however, they may periodically request an audit (examination) or a compliance check.
b) Legal Compliance and Risk Management Companies must follow laws and regulations to avoid legal penalties, fines, or even criminal charges. Ethical leadership ensures that businesses comply with labour laws, environmental regulations, and financialreporting standards.
Globalization CFOs have long needed to assure compliance with two different standards-setting bodies. The first is the Financial Accounting Standards Board (FASB) in the United States. More details on climate issues below.)
Donor Tracking: Allows organizations to track contact information, giving history, and communication preferences. Some tools may also allow you to segment donors into different groups based on criteria such as giving level or engagement level and ability to generate trend reports over time. Get the free guide!
Anticipate and respond to regulatory shifts, particularly in sustainability reporting. Case in Point: A mid-sized logistics firm in Morocco used the BIPP to benchmark its financial resilience and non-financialreporting practices. Integrate smart communication and collaboration solutions.
What is Financial Oversight? Financial oversight refers to a broad range of responsibilities. Financial sustainability. Compliance. And why the board of directors plays the primary role in providing financial oversight. Compliance. A few of the primary components include: Policy development.
2) The Importance of Trustworthy, Independent SOC Reports in FP&A. In addition to being a year of instability and economic challenges, 2022 was also a year of increased focus on compliance and data security. Read the FP&A Software Solution Comparison here. Click , here to read.
As the person responsible for preparing an organisation’s financialreports, which include balance sheets and income statements, the role of a finance controller is anything but ordinary. Accurate problem definition is emphasised, highlighting the controller's role as the choice architect in resolving business issues.
Gartner says finance transformation encompasses strategic initiatives designed to revolutionise the way the corporate finance function manages its strategy, processes, internal controls, and financialreporting. Firms should make compliance easier for employees by simplifying processes through improved policies and automated solutions.
In this episode, we dive into five issues that are at the heart of optimizing Quote-to-Cash to Compliance with SAP Revenue Recognition and subscription management applications, including complex bundling scenarios. Closing and Reporting: How can we shorten our periodic closing cycles while assuring reporting and disclosure compliance?
Whether you need outsourced bookkeeping services or advanced financialreporting, your partner should be able to accommodate your needs without disruption. Assessing Communication and Collaboration Effective communication and collaboration are key to a successful partnership.
How to Divide Responsibilities and Prioritize Communication The relationship between a fractional or outsourced Chief Financial Officer (CFO) and your company’s public accounting firm should be collaborative, clear, and well-defined. This ensures your company’s financial and accounting needs are met effectively.
Regulatory Risks Are there new laws, taxes, or compliance requirements that could impact your business? Quick Tip: Set up automated financialreports to track income, expenses, and cash flow monthly. Thats how employees and investors feel when financial updates are kept secret or too complex. What if their needs change?
These include tax laws, financialreporting standards, labor laws, industry-specific regulations, and corporate governance codes. It outlines compliance requirements such as annual financial statement submissions, director duties, and shareholder rights.
This new update focuses on the progress of regulatory requirements and software solutions for tangible accounting and reporting of ESG, along with a look at how ESG management can help drive corporate value. IFRS S1 requires companies to communicate the sustainability risks and opportunities they face over the short, medium, and long term.
Red Flag #2: Hidden Compliance Issues. When most nonprofits think about ‘accounting issues,’ they’re concerned about poorly prepared financialreports, bookkeeping errors, gaps in communication with funders, bad audits and a million more things in this vein. DO NOT let compliance issues linger.
Underscoring this was her ahead-of-the-curve understanding that mission-centered organizations must have strong finance and compliance-related practices and expertise in place to be able to provide services in line with their mission. A CFO will evaluate financial performance, and bring attention to potential issues.
Instead, accounting software prioritizes accuracy, standardization, and regulatory compliance. Accurate and transparent financial data makes it easier for stakeholders and regulators to understand an organization’s financial health. Use data exports and reports to bridge the gap between the two systems.
The first step after a sudden CFO departure is assessing the company’s immediate financial needs. Prioritize urgent processes such as cash flow management, ongoing projects, and upcoming deadlines for financialreporting.
Future-forward finance and accounting organizations were quick to embrace robotic process automation (RPA) years ago to manage mundane, repetitive back-office tasks like data entry and routine financialreporting. Instituting a stable workflow environment around the technology can make the transition easier for everyone.
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